Thursday, June 14, 2018

The "Million Dollar Bonds" should be the nickname for the proposed issue of JPS bonds for $65 million since the proposed professional service fees will be $1.1 million. Rankin County's bond fees for a $100 million sale was slightly over $300,000. The notorious Siemens deal only had fees of $640,000 even though the bond issue was $90 million. However, JPS bonds must be really special because everyone is getting paaaiiiiiid on this deal. JJ obtained a schedule of the fees through a public records request. Read them and weep.Steve Edds of Lord Snow (Bond Counsel): $225,000Government Consultants (Financial Advisor): $207,500Mays Law Firm & Young Law Group (Underwriter's Counsel): $100,000
Disclosure Counsel (Unknown firm): $15,000
Trustee: $10,000
Trustee Counsel: $10,000
Spence Flatguard (State Bond Attorney): $1,000
Rating Agency: $55,000
Mississippi Development Bank: $70,000
Mississippi Development Bank Counsel: $30,000
Miscellaneous: $5,000
Siebert, Shanks, & Cisneros (Underwriter): $410,690TOTAL: $1,139,190

Kingfish note: Compare these fees to similar bond issues. Start with the 2017 Rankin County School Bond issue. RCSD issued bonds for $100,750,000.

The Rankin County fees do not include the underwriting fees of Morgan Stanley. The district said its fee would be $950,000 for an issue of $178 million. JJ will estimate it to be around $533,707 (100/178 = 53%). JJ is attempting to obtain the amount of the fee from the district. However, Rankin County will still pay under one million dollars for professional service fees for a $100 million issue compared to $1.1 million for a $65 million bond issue.

The Kingfish doesn't buy into the disparate impact theory but one should ask why some of the same vendors are charging JPS much more money than Rankin County even though Rankin's issue was $35 million more than the JPS proposed issue. However, let's not stop with Rankin County. Check out the 2008 JPS $114 million bond issue:

This is what happens when a School Board is stuffed with nothing but Ph.D.'s and fancy titles. People who are smart yet don't even know how to ask the right questions. These fees are nothing short of highway robbery and show why JPS and Jackson are imploding.

JJ has warned for years that bond deals are where the real corruption takes place in Mississippi. Reporters and politicians are clueless about bonds while the corrupt use them to reward their friends in ways few understand.

Don't expect any mention to be made of these fees at the city council, school board, or in the news media. This is what happens when the School Board President is "not focused mostly on saving money."

My goodness. BS and GC, Inc., again fleecing the residents of Jackson Mississippi. At least Jackson got away from using stellar advisors like Malachi Financial and BD. Boy, they have really been beacons of integrity and keeping business above board in the past years.

Where's the SPLC suing to prevent JPS money from being squandered? They seemed really concerned over a dime leaving to go to a charter but aren't raising hell about this? Maybe they're just gun shy after their last farcial legal argument ended up lookingn like a Clintonian "depends what the definition of 'is' is." Crap, they won't read this; exceeds the Twitter charachter limit.

Where are the concerned parents now ? Some concerned parents sued the State to prevent Jackson from losing control of its schools. So now, as concerned parents, shouldn't they be suing to prevent this fleecing of JPS and wasting of JPS' money ?

Since 95% of the tax payers in Jackson have absolutely no clue as to the workings of bond issues, its fertile ground for fat, fat, payoffs. Just keep quiet and take the money. The only real scrutiny given bond issues regards the so-called purpose(s) for borrowing, never the costs associated with the deal. It's a thief'sparadise. The children, who might as well be cattle, make the ideal cover for this graft. And remember, no attorney, including the "radical" champion of the people, Antar, question attorney's fees.

This is why you have elected officials spending millions to get a job that pays tens of thousands. The payoff is in deals like this. A "Conservative Republican" in MS is someone who doesn't want a dime to go to single mothers, Wick or Snap. But they sure as hell don't mind the money going to their friends and business partners.

I'm not surprised as the recently retired maintenance director acknowledged that JPS has a $350k annual service agreement with Siemens but he never knew what it was for. and he was the head of all school facilities.

5:22 - you've got your parties mixed up. The "Conservative Republicans" you slam are those in the lower priced deal; the "Liberal Democrats" are those in the Jackson Public School deal. Please, oh please, find me any republican, conservative or not, involved in the decision making process of the JPS mess.

This probably won't get approved either, but in any case, who in the hell would buy JPS bonds anyway when there are all sorts of great timber investments being offered up? Oh, and PS - one more comment gets roundfiled and we pull our support of JJ.

This would not be happening if Phil had let the state take over. Schools would be closed, bad teachers and administrators non-renewed for next year, and budget taken over the second the ink was dried. Newsflash--the Gov will have a chance to redeem himself this fall cause JPS is not better together.

Like many optimistic Jackson residents who voted for the 2008 bond issue, this time we "Won't Get Fooled Again." At the time public education seemed a worthy investment in the future of Jackson - even though many of us still went the private school route. However, instead of progress all we bought was The Cedric Gray Posse and his buyout. I hate it for the kids but statistics matter and money has not improved performance metrics in the the district. It's also telling that the State has been completely silent on this proposed bond issue - especially after threatening to takeover JPS. Tate, who won't even touch the gas tax so we can actually drive across bridges, apparently just looks the other way at this increase. Basically, Mississippi no longer has a capital - just the Capitol where legislators wag their fingers at the incompetent local leadership.

Who is the Hottest Reporter in Jackson?

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything). Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up. In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!